INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

SCHEDULE OF PROVISION FOR INCOME TAXES

The income tax provision (benefit) for federal, foreign, and state income taxes in the consolidated statements of income consisted of the following components for 2022 and 2021:

	2022			2021
Income tax provision:
Current:
Federal	$	62,699		$	54,487
State		-			3,825
Total current Federal and State tax provision	$	62,699		$	58,312
Deferred:
Federal	$	(59,434	)	$	417,477
State		54,039			(18,920	)
Total Deferred Federal and State		(5,395	)		398,557
Total income tax provision	$	57,304		$	456,869

SCHEDULE OF INCOME LOSS BEFORE INCOME TAX

The United States and foreign components of income (loss) before income taxes are as follows:

	2022			2021
United States	$	(260,911	)	$	1,922,947
Foreign		548,686			706,287
	$	287,775		$	2,629,234

SCHEDULE OF TAX PROVISION

The actual tax provision differs from the “expected” tax for the years ended March 31, 2022 and 2021 (computed by applying the U.S. Federal Corporate tax rate of 21 percent to income before taxes) as follows:

	2022			2021
Expected tax provision	$	60,324		$	551,982
State income taxes, net of Federal income tax provision		13,816			128,699
Permanent differences		10,290			(6,578	)
Tax rate differential on foreign earnings		(83,954	)		(108,690	)
Change in valuation allowance		55,375			(65,193	)
Other		1,453			(43,351	)
Tax provision	$	57,304		$	456,869

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and (liabilities) are as follows:

	2022			2021
NOL Federal Carryforward	$	238,955		$	246,769
State NOL Carryforward		181,943			194,388
Inventory differences		415,404			348,921
Stock option compensation expense		117,159			115,730
Section 163(j)		62,801			-
Allowance for doubtful accounts		31,619			35,877
Reserve for estimated returns		79,109			111,887
Accrued vacation		10,143			13,186
		1,137,133			1,066,758
Less: valuation allowance		(78,024	)		(22,649	)
Net deferred tax asset		1,059,109			1,044,109
Depreciable and amortizable assets		(117,595	)		(119,242	)
Prepaid expenses		(48,955	)		(37,703	)
Net deferred tax liability		(166,550	)		(156,945	)
	$	892,559		$	887,164